Former Vice President Atiku Abubakar has criticized President Bola Tinubu and his administration amid escalating economic concerns threatening the nation.
In a statement on his X account on Sunday, Atiku condemned the Federal Government’s proposal to increase the Value Added Tax (VAT).
The 2023 presidential candidate of the People’s Democratic Party (PDP) warned that this VAT hike would exacerbate the situation for the average Nigerian, who is already suffering due to the ineffective policies of the current administration.
The 77-year-old said: “President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5 percent to 10 percent, even as the NNPCL has announced a soaring PMS price increase at the pump. This move unveils a new era of regressive and punitive policies, and its impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.
“President Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses. Tinubu’s actions reflect a profound insensitivity to the plight of the less fortunate as he indulges in the opulent renovation of villas and the acquisition of new jets and vehicles for himself and his family.”
The former vice president emphasized that understanding the severe implications of Tinubu’s poorly conceived policies for Nigeria’s future requires a deep understanding of economics. He added that the continuous surge in taxes and interest rates has become excessively burdensome, crippling businesses of all sizes, causing job losses, and worsening the plight of the poor. The manufacturing sector has faced persistent challenges since Tinubu took office, with its contribution to GDP falling by over 20 percent since December 2023.
He said: “In early August, Tinubu turned his attention to agriculture. As is customary with this administration, a new policy was clandestinely formulated and announced, permitting duty-free importation of agricultural commodities such as wheat, maize, and paddy, despite vehement opposition from farmer groups nationwide.
“This policy poses a grave threat to Nigeria’s food security ambitions, as local farmers, facing unfair competition from low-cost producers in Asia, Europe, and America, are compelled to reduce or entirely abandon their production efforts. It jeopardizes job creation, wealth generation, and the sector’s long-term prosperity, casting a shadow over Nigeria’s sustainability and development.
“President Tinubu and his advisers would be wise to redirect their efforts towards crafting sustainable solutions to the systemic shocks afflicting the economy rather than compounding the crisis with measures destined to ignite further turmoil.”
The new criticism from Atiku came two days after he condemned the administration’s failure to fulfill its promise of a state burial for Taiwo Akinkunmi, the designer of the Nigerian flag, one year after his death.
Reacting to a BBC report in which Akinkunmi’s son, Akinwumi, expressed the family’s disillusionment over the unfulfilled promise, Atiku stressed that no other patriot had embodied the spirit of honor and sacrifice as late Akinkunmi.
He said: “I am immensely disheartened that the Federal Government under Tinubu’s administration has failed to bestow upon the late Michael Akinkunmi, the creator of our national flag, the state burial he was so rightfully promised. No other patriot embodies the spirit of honor and sacrifice as profoundly as the revered ‘Mr. Flag Man.’”
The late Akinkunmi, known as Mr. Flag Man, was laid to rest in Ibadan on September 6.
